In March, UK payrolled employment grew 31k , or 0.1% mom. Compared with March 2022, payrolled employment rose 533k, or 1.8% yoy. Median monthly pay increased by 6.3% yoy, highest in finance and insurance sector with 10.1% yoy, and lowest in the education sector, with an increase of 3.6%. Claimant count rose 28.2k, above expectation of 10.2k.
In the three month to February, unemployment rate rose to 3.8%, above expectation of 3.7%, and 0.1% higher the previous three-month period. Employment rate was estimated at 75.8%, 0.2% higher than the previous three-month period. Average earnings excluding bonus rose 6.6% 3moy, unchanged from January’s rate and above expectation of 6.2%. Average earnings including bonus was up 5.9% 3moy, unchanged from prior month’s figure, beat expectation of 5.1%.
